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CEO with $33 Million Golden Parachute Gets Birthday Surprise
from: William Hughes
Today, Oct. 7, 2009, is Mayo Shattuck, III’s 55th birthday. He’s the CEO of Constellation Energy (CE) and he’s set to receive a $33 million golden parachute! This is so even though many, like the advocacy group, Progressive Maryland Education Fund (PMEF), feel he doesn’t deserve a penny of it. They claim he’s done a lousy job as CEO and that he has driven the company to the “brink of bankruptcy.” The group also charged, at a press conference held on President Street, opposite CE’s Baltimore headquarters, that the $33 million pay out, which is at the expense of the beleaguered ratepayers, “could be illegal.” PMEF is asking the Maryland Attorney General, Doug Gansler, to investigate, and hopefully, “nullify Shattuck’s bonus.” Maryland State Senators Jamie Raskin (D-Montgomery CO) and Jim Brochin (D-Baltimore CO) are joining in that effort. Sean Dobson and Matt Weinstein of the PMEF spoke at the press conference, where they revealed their “birthday surprise” presents for Mr. Shattuck: a fake-golden watch valued at $14.95, a twinkie birthday cake and a huge handmade birthday card which mocked his supposedly unearned bonus of $33 million. After the press conference, the group marched over to CE’s headquarters on Pratt Street, entered the building, and tried to present their “birthday surprise” personally to Mr. Shattuck. They were rebuffed from doing so and requested to: “leave the building!” For background, go here: http://progressivemaryland.org/page.php?id=268 and to http://www.forbes.com/lists/2009/12/best-boss-09_Mayo-A-Shattuck-III_QHRA.html
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